Part 1 OT 4 Points: 0 of 1 On January 2, 2021, Sanoma Furniture purchased display shelving for $8,300 cash, expecting the shelving to remain in service for five years. Sanoma depreciated the shelving on a double-declining-balance basis, with $1,800 estimated residual value. On August 31, 2022, the company sold the shelving for $2,200 cash. Read the requirement. Start by recording depreciation expense on the shelving for 2022. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Aug 31 na Furniture purchased display shelving for $8,300 cash, expecting the shelving to remain in service for five years ing-balance basis, with $1,800 estimated residual value. On August 31, 2022, the company sold the shelving for cion Requirement al en 1. Record both the depreciation expense on the shelving for 2022 and its sale in August. Also show how to compute the gain or loss on the disposal of the shelving. Print Done